Reflections on “Family Journeys”
FundCount was recently a sponsor of the Family Office Exchange (FOX) Fall Forum, with its theme of “Family Journeys.” Major themes revolved around the need for family offices to become more rigorous in their organization and processes, and how to acknowledge or adapt to the concerns or preferences of younger generations. A “sub-theme” was the increase in direct investing and more control of investing generally that family offices are doing. This was supported by FOX research comparing a 2017 study with 2014 showing a big increase in direct investing.
The family office of the Anderson family (Anderson Windows), the HRK Group, spoke about how they transformed an office culture by applying a corporate approach to every aspect of the office’s operation. This included strategic direction, governance and policy, financial and management oversight, staff oversight and accountability.
Several sessions referred to the transformation being driven by younger generations taking the reins of family wealth. This has resulted in increased demand for new technology and greater self-reliance. For instance, they are investing more on their own, without advisors, and doing more direct investing in businesses or new ventures.
FundCount has recognized these trends in building into our software the ability to account for and analyze virtually every public or private investment type, and offer communication tools that “speak” to each type of user. We appreciated the opportunity to interact with over 300 family office executives (and family members) at the FOX Fall Forum.
Photo: FundCount's Mike Slemmer presents raffle-winner David Spohngellert, president of the family office United Continental Corporation, with an Amazon Echo.